Sublime

The questions “What do our clients want, and how are their needs changing?” must be continuously addressed through a structured program of information gathering, analysis, and action built into the daily operations of the firm. Few professional firms have such a program.

Advisors who rate the highest on reliability will not just deliver their work on time and on spec. Nor will they simply be consistent, even at a level of excellence. They will also be expert at a variety of small touches that are aimed at client-based familiarity. Sending meeting material in advance is one example; staying current on client events

Another managing partner, well informed about a variety of professions, observes that “professional service firms are managed in one of two ways: badly or not at all.”

The ability to place ex-staff in prestigious positions is thus one of the prerequisites of a successful churning strategy.

In expertise practice areas, business development tends to be a personal responsibility of each partner (or partner equivalent).

client may have the ability and resources to perform the work itself, but turns to the professional firm because the firm can perform the service more efficiently, because the firm is an outsider, or because the client’s own staff capabilities to perform…

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A full program to differentiate the firm through client service requires action on five fronts (in this order): 1. Measurements 2. Management 3. Tips and tools 4. Training 5. Rewards

Only 10 percent of all referrals were found to be cases where technical considerations or “results” were given as the reason for the referral. Fully 90 percent of all the reasons given for referrals were related to the relationship issues discussed above.

Expertise-based practices, as a generalization, tend to be based in a single location relying on the development of a national or regional reputation to attract clients.